In a significant move to crack down on false advertisements in the real estate sector, the Maharashtra Real Estate Regulatory Authority (Maharera) has partnered with the Advertising Standards Council of India (ASCI). This collaboration aims to strengthen the regulation of advertisements across all media platforms, including traditional and online channels.
Since last year, Maharera has been actively taking suo motu action against advertisements that lack Maharera registration numbers and QR codes, essential for ensuring transparency and consumer protection in real estate transactions. With the rapid evolution of media platforms, the need for effective control over false advertisements has become more pressing than ever before.
Under the memorandum of understanding (MoU) signed between Maharera and ASCI, the self-regulatory body will leverage its expertise to identify advertisements lacking Maharera registration numbers and QR codes. ASCI, known for safeguarding consumer interests in advertising, regularly monitors advertisements across various media channels and will now utilize artificial intelligence technology to enhance detection capabilities.
The agreement outlines a collaborative framework wherein ASCI will promptly report non-compliant advertisements to Maharera, facilitating swift corrective action. A dedicated team will be responsible for detecting, moderating, and evaluating advertisements to ensure compliance with Maharera regulations.
According to the Immovable Property Act, any real estate project exceeding 500 square meters or comprising more than eight flats must be registered with Maharera. Failure to display the Maharera registration number in advertisements or sales promotions is a violation of regulatory requirements.
Additionally, Maharera has mandated the inclusion of QR codes in all advertisements related to real estate projects since August 1. QR codes provide easy access to essential project information with a single scan, enhancing transparency and empowering consumers to make informed decisions.
Before investing in any real estate project, prospective buyers are urged to verify the presence of the Maharera registration number and QR code in advertisements. Maharera remains steadfast in its commitment to upholding transparency and accountability in the real estate sector, ensuring the protection of consumer interests.